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Ratings assigned and not accepted (as on 30 Oct 2025)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Shri Ram Finance Corporation Private Limited Finance Commercial Paper 450 09 Jan 2025 Unlisted [ICRA]A2+ No No
2 Gina Engineering Company Pvt Ltd Construction Bank Facilities 700 06 Jan 2025 Unlisted [ICRA]BBB (Stable)/ [ICRA]A3+ No No
3 IL&FS Tamil Nadu Power Company Limite Power Non-Convertible debentures 33866.7 03 Jan 2025 Unlisted [ICRA] BB (Stable) No No
4 Valparai Municipality Public Services Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]BB-(Stable) No No
5 Pollachi Municipality Public Services Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]BB+(Stable) No No
6 Paragon Finance Limited Finance Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]B+ Rating Watch with Developing Implications Yes 02 Jan 2025 [ICRA]B+ Rating Watch with Developing Implications No
7 B2B Genie Private Limited Commercial Services & Supplies Bank Facilities 900 24 Dec 2024 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
8 Reddson Seaamless Pipes Private Limited Industrial Manufacturing Bank Facilities 1200 19 Dec 2024 Unlisted [ICRA]D No No
9 Chengalpattu Municipality Public Services Issuer Rating 0 17 Dec 2024 Unlisted [ICRA]BB-(Stable) No No
10 Maraimalainagar Municipality Public Services Issuer Rating 0 17 Dec 2024 Unlisted [ICRA]BBB- (Stable) No No
11 Atyati Technologies Private Limited Other Consumer Services Bank Facilities 50 13 Dec 2024 Unlisted [ICRA]BBB (Stable) No No
12 Kundrathur Municipality Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRABB (Stable) No No
13 Gobichettipalayam Municipality Public Services Issuer rating 0 10 Dec 2024 Unlisted [ICRA]BB- (Stable) No No
14 Kumbakonam City Municipal Corporation Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRA]BB-(Stable) No No
15 Pattukkottai Municipality Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRA]B+(Stable) No No
16 Mettupalayam Municipality Public Services Issuer rating 0 10 Dec 2024 Unlisted [ICRA]BB- (Stable) No No
17 K & D design Kraft LLP Textiles & Apparels Bank Facilities 450 05 Dec 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
18 Chidambaram Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]BB+ (Stable) No No
19 Poonamallee Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]BB (Stable) No No
20 Virudhachalam Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]B+ (Stable) No No
21 CC Infratech Private Limited Construction Bank Facilities 500 04 Dec 2024 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
22 CC Infratech Private Limited Construction Issuer Rating 0 04 Dec 2024 Unlisted [ICRA]BB+ (Stable) No No
23 Cuddalore City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]B+(Stable) No No
24 Tiruvallur Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB(Stable) No No
25 Dharapuram Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB (Stable No No
26 Avadi City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BBB-(Stable) No No
27 Ecozen Solutions Private Limited Industrial Products Bank Facilities 1500 21 Nov 2024 Unlisted [ICRA]BB- (Stable) No No
28 Zenith Leisure Holidays Limited Leisure Services Bank Facilities 1250 18 Nov 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
29 MIC Electronics Limited Electrical Equipment Bank Facilities 550 18 Nov 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
30 Suyog Telematics Limited Telecom - Services Bank Facilities 300 12 Nov 2024 Unlisted [ICRA]BBB (Stable) No No
31 Neel Metal Products Limited Auto Components Bank Facilities 1793.6 07 Nov 2024 Unlisted [ICRA]A (Positive) / [ICRA]A2+ Yes 13 Dec 2024 [ICRA]A (Positive) / [ICRA]A2+ No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.